Financial Services Industry
Industry: Email Alert RSS FeedFitch ratings lowers Sage Life of America; remains on Rating Watch Negative. (Advertisement).(Sage Life Assurance of America Inc.)
National Underwriter Life & Health-Financial Services Edition, January, 2003 by Burke, Julie A.
Fitch Ratings has lowered the insurer financial strength rating of Sage Life Assurance of America, Inc. (Sage Life of America) to 'A-' from 'A'. The rating remains on Rating Watch Negative.
The rating action reflects the announcement that Sage Life of America has ceased new business originations effective Jan. 1, 2003. The new rating reflects Sage Life of America's current status as a runoff operation with significant overcapitalization on a risk-adjusted basis. The Rating Watch Negative status recognizes the potential that capital could be depleted during the runoff period and that the actual performance of the run-off block may differ from expectations. Fitch will evaluate Sage Life of America's runoff plan in the near term. The ultimate rating will depend...
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